Brazil’s Eneva gets loan for 870-MWp solar complex

Brazilian natural gas and power company Eneva SA (B3:ENEV3) has secured a loan to fund the development and construction of the 870-MWp Futura 1 solar photovoltaic (PV) project.

Under the terms of the deal, local lender Banco do Nordeste do Brasil SA (BVMF:BNBR3), also known as BNB, will disburse BRL 300 million (USD 58.3m/EUR 56.9m) through its FNE credit line to SPE Futura 4 Geracao e Comercializacao de Energia Solar, Eneva said last week.

Located in Bahia state, Futura 1 is scheduled to enter commercial operations in the fourth quarter of 2022.

BNB's loan has a term of 24 years with an 18-month grace period for interest and principal, at a cost of the National Consumer Price Index (IPCA) plus 3.49% per annum considering the contractual compliance bonus.

The firm noted that the latest agreement complements the BRL-450-million loan signed with BNB in 2021 also for the financing of Futura 1.

(BRL 1.0 = USD 0.194/EUR 0.190)

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